Thread by @Momentum_6

1/ M6 portfolio @_parastate aims to build a #MultiChain future with a smart contract platform bridging the app and dev ecosystem between $DOT and $ETH, and other chains that want to provide $ETH compatibilities.

TLDR of @banklessDAO interview with ParaState founder Marco Chen:🧵

2/ ParaState is an on-chain runtime for developer tools providing bi-directional compatibility between Ethereum and non-Ethereum based smart contracts.

3/ Projects have to decide between building on Ethereum (the largest) or other chains (less established), ParaState allows them to build on different ecosystems while staying compatible with Ethereum.

4/ DAO Plans - Marco intends to fully decentralize ParaState, allowing token holders to participate in governance while the foundation continues to build the product.

5/ Developer Pitch -
- Building a new application that could at any point be deployed to Ethereum gives any protocol that is developing a wider reach
- Enabling #Rust and developers of other languages to build Blockchain applications, while staying compatible with Ethereum

6/ Runtime Infrastructure - You can think of an on-chain runtime being the operating system for a blockchain. As believers in WASM, ParaState is focused on building out a WASM runtime with Ethereum compatibility.

7/ WasmEdge powers serverless apps, embedded functions, microservices, smart contracts, and IoT devices. Specialized version of WASM for Ethereum and cloud-native dApps.

8/ $STATE - When the ParaState runtime is used to run smart contracts, a license fee is paid to the #DAO treasury. License fees will be paid in the token of the blockchain using ParaState, so $STATE is backed by multiple currencies.

9/ Implementation - The Plato testnet is the 1st Substrate blockchain that both features #EVM & #EWasm runtime, currently testing @Uniswap on top of this infrastructure.

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🧵Contributor: @Crypto_Clarke
Inspired by @ffstrauf article: bit.ly/3fflINF